Ok another Business Tax question June 2004 paper

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
Ok section 2 task 2.3 the model answer has given 30% PCTCT on its profit figure so you tax up the band but i cannot get a grip on how they got 750000 (6/12 on the band) but i cannot find in the question enough information for the year end and info why are they doing 6 months as i thought it was a while year. i am missing something on the date calc please someone show me the right direction with it??? secondly how come i am not using the magical formula show in class which is (mr - p) x I/P x fraction??????? they are just using (mr-p) x fraction?????<BR><BR>michelle

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Ok another Business Tax question June 2004 paper

    I would guess that there are no dividends so i and p are equal meaning the relationship is 1/1 and not worth putting in, you only need to do that when i and p are different amounts.<BR><BR>Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Ok another Business Tax question June 2004 paper

    oh ok thanks Annette..have you got this paper as the only thing i could not figure out was the dates taxed...the answer reflects a tiem apportion of 6 months but i cannot see the dates anywhere??!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Ok another Business Tax question June 2004 paper

    See my answer on the accountancy students forum, I think it's because of the associated company, you have to half all the limits.<BR><BR>Annette

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